Affinity Gaming

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Affinity Gaming
Formerly called
 Herbst Gaming (1987–2011)
Private
Industry Gambling
Founded 1987
Headquarters Paradise, Nevada
Key people
 Michael Silberling (CEO)
Website affinitygaming.com

Affinity Gaming, formerly known as Herbst Gaming, is a casino operator based in Paradise, Nevada that operates five casinos in Nevada, three in Colorado, two in Missouri, and one in Iowa.

History

The old logo of Herbst Gaming

The business traces it roots to the Terrible Herbst Oil Company founded in 1959 by Ed Herbst (grandfather of the current owners) which owns gasoline stations throughout Nevada, California, Utah and Arizona.[1] The stations bear the logo of a "terrible" cowboy wearing a handlebar mustache and black hat.[2]

In 1987, Herbst Gaming was formed by brothers Ed Herbst, Troy Herbst and Tim Herbst (grandchildren of the patriarch) to service the slot machines in the stations.

In 1997, it opened its first casino, the Town Casino, in Pahrump, Nevada and the Casino and Bowl in Henderson, Nevada. This was followed by the Lakeside Casino in Pahrump in 1999, the Terrible's Hotel and Casino (formerly the Continental Hotel and Casino) in 2000 in Paradise, Nevada and Searchlight Casino in 2003.[3]

On December 8, 2002, Herbst Gaming agreed to buy International Game Technology's Anchor Coin 1,100 machine slot routes.

In 2005, it acquired three Midwest casinos in St. Joseph, Missouri, La Grange, Missouri and Osceola, Iowa from Grace Entertainment for $287 million.[4] Grace was a Midwest contractor who had developed racing and casino operations there.[5]

In May 2006, Sands Regent announced plans to be acquired by Herbst. In January 2007, Herbst purchased four casinos including the Red Hawk Sports Bar,[6] Sands Regent and Rail City Casino for $119 million.

In 2006, it also acquired Primm Valley Casino Resorts from MGM Mirage for $400 million.[7] The sale closed on April 10, 2007.

In 2008, Ed Herbst was replaced by Tim Herbst as chairman and Troy Herbst as CEO.[8]

The operations of the two companies in 2008 represented 80 gasoline stations, 600 different slot route locations.[9]

In March 2009, Herbst announced its plans to enter a pre-arranged Chapter 11 bankruptcy whereby it would keep its slot routes but give ownership of its casinos to its creditors thus splitting its current operations into two holding companies. Herbst would continue to manage the casinos.[10] Herbst emerged from Chapter 11 on December 31, 2010 under new ownership and changed its name to Affinity Gaming, LLC on May 20, 2011.[11]

In March 2012, Affinity sold the Terrible's Town Casino and Terrible's Lakeside Casino & RV Park in Pahrump and much of its slots route operations to Golden Gaming.[12] Golden in turn sold to Affinity three casinos in Black Hawk, Colorado: the Golden Gates, Golden Gulch, and Golden Mardi Gras.[12] On the same day, Affinity sold the Terrible's Searchlight casino and the remainder of its slots routes to JETT Gaming, owned by the Herbst family.[12]

In February 2013, Affinity sold three of its Northern Nevada casinos (the Sands Regency, Gold Ranch and Terrible's Dayton) for $19.2 million to Truckee Gaming, a new company led by Affinity executive Ferenc Szony.[13][14]

On August 26, 2014, Affinity Gaming announced that it hired Michael Silberling as Chief Executive Officer. Silberling, who succeeded David Ross, effective immediately, was also named a member of the Board of Directors.[15]

Gaming operations

Terrible's Hotel and Casino
Herbst Gaming headquarters (in the same building as Terrible Herbst)

Former properties

References

  1. ↑ http://www.terribleherbst.com/gas_locations.html
  2. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ http://library.corporate-ir.net/library/13/130/130603/items/203567/BOA_2006.pdf
  4. ↑ http://ir.herbstgaming.com/phoenix.zhtml?c=130603&p=irol-newsArticle&t=Regular&id=594091&
  5. ↑ http://wmgracefoundation.com/legacyofwilliammgrace.html
  6. ↑ 6.0 6.1 Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ http://ir.herbstgaming.com/phoenix.zhtml?c=130603&p=irol-irhome
  10. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  11. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  12. ↑ 12.0 12.1 12.2 Lua error in package.lua at line 80: module 'strict' not found.
  13. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  14. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  15. ↑ http://affinitygaming.com/press/2014/AFFINITY%20GAMING%20APPOINTS%20MICHAEL%20SILBERLING%20AS%20NEW%20CHIEF%20EXECUTIVE%20OFFICER.pdf

External links

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